From the accounting point of view, capital is a narrow concept, which refers to funds with specific purposes and uses. The fund we are talking about mainly refers to the securities investment fund. Bian Xiao sorted out here whether the selection of value style funds should lower the investment expectation, for your reference. I hope everyone will gain something in the reading process!

Should choosing value style funds lower investment expectations?

In the past, the A-share market experienced a wave of unique growth styles, and its value style was relatively weak, which led to a "stereotype", that is, growth funds was high, flexible and its value style was relatively flat.

Actually, it is not.

Growth and value, two investment styles, are simply that when screening stocks, they have different emphasis and tolerance for different indicators. Value-based funds have stricter requirements on valuation, so they are more stable in the recent wave of killing valuation and defoaming, and their growth style pays more attention to the growth expectations of enterprises. Even if the current valuation is slightly higher, as long as they think that they can maintain a higher growth rate in the future, they can tolerate and continue to hold it, so they will face greater retracement and fluctuation.

If we look back at 20 17, it is a typical market with a value-oriented style and a weak growth style. In that year, the Shanghai and Shenzhen 300 Index rose by 2 1.78%, the CSI 500 Index fell by -0.20%, and the Growth Enterprise Market Index fell by-10.67%(wind, 2065438). Can you say that it was necessary to "lower the expectations of value-based funds"?

There is no difference between these two styles, but they represent different investment ideas and ideas. In different markets, there will be different performances. If it can be properly matched, it can cope with the changes in market style! For example, the all-star combination of super stocks, which is familiar to everyone, is this strategy-the theme industry fund as the offensive striker, the growth style fund as the center, and the value/balanced style fund as the steady defender, which can flexibly cope with various market conditions!

Is the fund a one-time purchase? It is better to vote.

Buying in batches with fixed investment also disperses the risk and reduces the impact of the time to enter the market on the overall income-especially when buying at a high point encounters a bear market shock, fixed investment will have an advantage ~

If you choose a one-time purchase and encounter a bull market at a low point, choose a good foundation with good long-term continuous performance, and the overall income will be much higher than that of decentralized capital purchase ~

Therefore, the two investment methods have their own merits, and there is no standard answer. At the same time, these two investment methods are not either one or the other, and can be used in combination.

If you have to choose one, I suggest you judge according to the following points!

Arrangements for the use of funds

If the money is idle funds that are determined not to be used for three years, it can be invested at one time. However, if there are liquidity requirements, it is even more recommended to invest in batches if you are not sure whether it will be used one day.

Expectations and judgments on the market

If you are in a volatile market and are very confused about the future trend of the market, you can consider diversifying your purchases through fixed investment to smooth risks and avoid entering the market when the market is relatively high.

Investment experience, risk tolerance, discipline, etc.

Do you have the confidence to stop for three years after one-time investment?

After one-time investment, if the market fluctuates and the position income fluctuates up and down, can the fluctuation of the corresponding investment amount make you sleep well, don't worry too much?

If you are not sure whether you can hold the above two points, you can help yourself stop loss and improve your holding experience through fixed investment (the capital accumulated in the initial stage of fixed investment is smaller and easier to stick to) or closed-end funds ~

Buy a cheaper fund, okay?

Bian Xiao understands that "cheap" here should refer to the judgment of the net value of the fund. Many investors like funds with low net worth and think that the cheap future may increase even more, which may be an illusion! In fact, there is no necessary connection between the net value of the fund and the future increase or decrease of the fund.

For the first time, the "cheap" net worth we saw may be an illusion. For example, after a fund experiences dividends, its unit net value will be "reduced", but this kind of fund is also a fund that has experienced income, but it is actually not "cheap". On the other hand, the cheap net value of the fund does not mean that it will always rise better in the future. If the performance of the fund is not good and the net value is "unchanged for ten thousand years", it is not a good fund that we hope to choose.

In fact, judging whether a fund is excellent or not depends on the performance of the net growth rate, not the net value itself. Net worth is just a data, and interval growth is the "income" of our relationship. On the contrary, the high net worth indicates that the fund has made a good increase in the past and the fund manager has strong investment ability. If we hold an excellent fund, we can observe its cumulative net performance. If the cumulative net withdrawal of the interval is large, it may be a good opportunity to add positions.

What is the difference between buying a fund in the market and buying it on a sales platform?

The "market" here refers to the stock exchange market. On-exchange trading is similar to the trading of stocks in the exchange during trading hours, while the funds sold by the fund sales platform belong to over-the-counter trading, which we call subscription and redemption.

Not all funds can be bought in the market. Most publicly issued funds in the market belong to over-the-counter transactions. Funds that can be listed and traded are some specific types of funds, such as LOF funds, ETF funds and closed-end funds that support listing and trading. (See the fund announcement for details).

The difference between buying funds on and off the market, Bian Xiao mainly sorted out three points for everyone:

The trading mechanism is different:

In essence, over-the-counter trading is to complete the subscription through the fund company, and on-site trading is to directly subscribe for the fund share with other investors; Buying and selling funds on the fund sales platform is the price calculated according to the net value of the trading day. For example, if the net value of the day is 1 yuan, then buying 100 yuan is equivalent to buying 100 copies. On-floor trading is based on the value (net value) of the fund itself and also depends on the needs of buyers and sellers.

Different investment thresholds:

The capital threshold for OTC trading is generally 10 ~ 1 000 yuan, or even 1 yuan; There are at least 100 transactions on the floor, because the "prices" of different funds are different. If the value of this fund is 10 yuan, it needs at least 1000 yuan.

Different transaction costs:

Over-the-counter transactions, each type of fund has different fees. Generally, hybrid funds and equity funds are relatively high, and the subscription/subscription rate is generally around 1.2%- 1.5%, but the platform will also have some preferential activities. On-site trading fees shall be handled in accordance with the relevant regulations of the stock exchange, and the platforms shall be consulted specifically.

In addition, if it is a fund that can be traded on and off the market, there may be a premium or discount phenomenon. It is suggested that the "price" of funds in the market may be influenced by the relationship between supply and demand, rather than the true net asset value of funds, and the net asset value of funds is the true performance of funds.

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★202 1 Why did the fund fall?

★ Market analysis

★202 1 Is the OTC fund subscription an immediate price or a closing price?

★202 1 complete works of long-term wealth management products

★ What is the liquidation status of the fund?

★ How do novices choose the right fund in 202 1?

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★ Basic knowledge of new share subscription